VeChain signs sponsorship deal with UFC – VET price increases by 10%
VeChain will activate its trademark rights later this week at the UFC 275 event in Singapore. The partnership aims to help the VeChain brand reach 900 million television households in 175 countries.
On June 9, blockchain logistics company VeChain Foundation inked a multi-year marketing partnership with the Ultimate Fighting Championship (UFC) that will see the equivalent of $100 million in donations to the UFC. This makes VET the first ever Layer 1 blockchain partner of the UFC.
It is also VeChain’s first sports sponsorship. As part of the agreement, VeChain will receive the designation “Official Blockchain Partner of the UFC”. The partnership will give VET a significant branding boost and global presence.
During the UFC 275 event in Singapore taking place this weekend, VET will activate its rights with branding in the Octagon. VeChain will also sponsor the UFC fight rankings, now called “UFC Rankings Powered by VeChain”. UFC Senior VP/Global Partnerships Paul Asencio said:
“There has been a lot of talk about digital currencies, but this is an example of how powerful blockchain technology can be in other areas as well. I can imagine that there will be many more deals like this in sports marketing.”
He added that after a record-breaking 2021, the UFC’s sponsorship revenues are already up 30%. As early as 2021, blockchain was the hottest category of sports sponsorship. During the year, the UFC had established historic partnerships with several crypto and blockchain companies.
In 2021, the UFC also struck a sponsorship deal with crypto trading platform Crypto.com for a whopping $175 million.
VeChain, the VET course and the power of the UFC
VeChain is a business-focused layer-one ecosystem focused on supply chain tracking. Last month, VET announced its financial status for Q1 22. According to the VeChain financial report, the company has amassed a staggering $1.2 billion “war chest”.
On the other hand, it spent just $4 million in the first quarter, with marketing spend being less than $600,000. So the recent UFC sponsorship deal is a big leap in the marketing budget. VeChain calls it “one of the deepest integrations into any sponsor’s top-tier UFC assets in UFC history.”
After the sponsorship deal became known, VeChain’s own cryptocurrency VET increased by 10% and the VET trading volume even by 120%.
The UFC announced that the sponsorship deal aims to increase VeChain’s global brand awareness. The organization estimates that the VeChain brand will reach 900 million television households in 175 countries.
The UFC will also promote VeChain on prominently placed digital displays at the venue. Both companies will also work on creating content for the UFC’s “social media” and other digital platforms. This effort is expected to reach 200 million people worldwide.
There is also an “Annual Brand Ambassador Fund” that will provide additional income opportunities for UFC athletes who participate in marketing activities for VeChain.